The e-commerce has greatly been indispensable because of it's unparalleled system of trading. One which is not limited to time, location or language. This is so because e-commerce platforms act as middlemen between the seller and the buyer, hence, there is a bridge between the gap of language, time and location since these activities are carried out online (with the aid of the internet).
The e-commerce platform is a paradigm shift from the traditional brick and mortal stores or conventional physical buying and selling pattern. This is a more convenient approach to trading with more options of items to browse from as well as a 24/7hr duration.
This trend is fast becoming global phenomenon with cumulative data from Statista projecting a 246.15% increase in worldwide e-commerce sales, from $1.3 trillion in 2014 to $4.5 trillion in 2021.
This growth is well recorded within the domestic terrain as well as across border, with across border e-commerce out-pacing the domestic terrain with a compound annual growth rate of 17% between 2017 and 2022, compared with 12% for overall B2C e-commerce.
Despite the ingenuity of the innovative e-commerce system, its advent has brought about various problems that has been advantaged upon by fraudulent people in order to defraud unsuspecting consumers.
This is not far from the advent of dishonest sellers, as well un-suspecting consumers having to receive fake or low quality goods. Since e-commerce consumers don’t have the chance to see or touch a product in person before they purchase, the fear of scam or fraud sellers affects the purchase decision and results in higher return rates of e-commerce businesses compared to Brick and Mortar stores.
These problems being cases of urgency, was tackled by some e-commerce companies. who then leveraged on the problem as an extra source of income by making there brands i.e sellers pay series fees for services such as listing, payment, dispute resolution and marketing.
As a result, sellers pay about 30% of the merchandise value to the middleman platforms as fees, which hurts both the seller and the buyer. Data transparency is also a concern that sellers and buyers have with these same e-commerce companies, as they have uncontrolled access to all consumer and seller’s transaction data, and in turn create targeted ads to compete with smaller businesses and attract higher sales.
Sellers pay more fees to purchase this valuable information and make up the cost by increasing the margin of their products. Consumers often have no or very little control over their own data.
The ApolloX team has designed a better platform that is facilitated by blockchain technology and one that supports a decentralized kind of market. Hence, with the use of latest technology a better marketplace experience is created for both the brands and consumers, especially for cross-border sales.
Blockchain-based technology and decentralized processes are the key to the next generation of marketplace and online shops. Through tokenization, the ApolloX team enables a community that can connect people with same interests and streamlined economic benefits, resulting in a community with high user relationship. It also appreciats the creative ideas between all members of the ecosystem toward further growth of the network itself.
The ApolloX blockchain supported and dectralized processes is an edge over the conventional e-commerce platforms, one that is unique as well as brand and consumer friendly. By using blockchain technology, a large scalable marketplace system which is fully transparent and has beneficial element for both vendors and consumers is established.
This new marketplace system will utilize scale advantages, require low or minimal fees from each participant and possesses the functions of a centralized company but operates in a decentralized manner. Sellers can save a whole lot of fee money with the elimination of intermediaries’ fees which then creates lower priced merchandize.
Buyers get to enjoy purchase protection against fraudulent sellers or false advertisement provided by the ecosystem without paying extra cost. Shopping on a decentralized online shop not only saves money but also provides better protection to both parties.
The centre of the ApolloX innovation, is for the optimal utilization of e-commerce by both brands and consumers, and it alleviates the problem of incessant fees, targeted ads against brands, relationship between brands and sellers, utilization of individual feedback and creative ideas of both the brands and consumers.
To add to, the ApolloX is the very first blockchain solution for online e-commerce with a large number of existing participants and mainstream adoption, it offers existing marketplaces or shops the opportunity to move their business to ApolloX platform for cost reduction, faster customer acquisitions and better brand recognition.
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